University Completes Condos

Professors munched caviar, students sipped champagne, and realtors rolled out the red carpet for Harvard's president, as the University and a local developer yesterday celebrated the completion of University Green, the swankest condominium complex this side of the Charles River.

Quietly nestled on Mt. Auburn St. beside the chic Charles Square complex, the University Green development has been offering buyers 52 luxury condominiums, indoor parking, and a restored 19th century village for a front yard--all for between $235,000 to $600,000.

Only three apartments remain unsold in the project, according to realtors marketing one of Cambridge's most expensive housing developments. The rest have gone to a famous author, actors, corporation presidents and even a few undergraduates.

The three-and-a-half year, $16 million dollar project was a unique effort between Harvard and Hines Industrial to develop a piece of land long considered controversial in the community.

"University Green is a model project for integrating a large condominium project into a neighborhood which was very much threatened by an inappropriate development," said Charles M. Sullivan, executive director of the Cambridge Historical Society.

Historic Involvement

Back in 1980, a local real estate developer threatened to build a twin tower highrise on the University Green site until community activists and the city of Cambridge asked Harvard to acquire the property, Jacqueline A. O'Neill, associate vice president for community affairs said yesterday.

The University purchased the land, one of the last undeveloped plots in the city, for a price of $3 million. Next to the condominium project on the four acre site, Harvard built a 200,000 square foot office complex called University Place which opened in 1984.

In addition to the two new brick complexes, the University restored two wood-framed century homes and reconstructed another Greek Revival house--all of which have been leased to commercial businesses.

President Derek C. Bok told the University's guests yesterday that the whole complex represents a smooth transition between bustling Harvard Square and the Brattle St. neighborhood.

"We hope that 'the big bad neighbor from the Yard' will have helped in some small way to enhance the community and add something to make it attractive," Bok said.

The University also purchased two other wood-framed buildings adjacent to the condominiums and plans to start construction down the street on faculty townhouses before winter.

Commenting on the impact of University Green, one local real estate agent said the luxury condominium project is setting the standard for out-of-this-world land values in that part of Cambridge.

"A property selling two years ago for $300,000 is now going for $650,000," said Jean LeVaux, president of a local real estate firm. LeVaux noted that $850,000 is the average price of a home near the Green.